A landmark agreement at COP29 in Baku resulted in a $300 billion annual climate finance pledge from wealthy nations, intended to support developing countries in tackling climate change. However, the deal has been met with widespread criticism, particularly from countries in the Global South, who argue that the amount falls far short of what is needed to address the climate crisis effectively.
The agreement, reached in the early hours of Sunday after tense negotiations, sets out to help developing nations reduce emissions and adapt to the effects of climate change starting in 2035. The deal marks an increase from an earlier offer of $250 billion, but many developing countries, including Cuba, India, and small island states, dismissed the revised sum as inadequate. These countries had been pushing for a $500 billion target, believing it to be more aligned with the scale of the global challenge.
A significant moment of tension occurred when key groups such as the Least Developed Countries (LDCs) and the Alliance of Small Island States (AOSIS) walked out of finance talks in protest. They expressed disappointment at the lack of ambition from wealthier countries, with many declaring the proposal “a joke.” The walkout reflected growing frustration with the perceived failure of industrialized nations to meet their financial obligations.
US climate envoy John Podesta faced a vocal backlash after the walkout, with climate campaigners accusing the Biden administration of not honoring its promises. Activists were quick to point out that the pledge, although a step forward, still fell far short of the $500 billion target that developing nations had hoped for. Podesta was escorted out of the meeting amid shouts of “shame” from the protesting groups.
Despite the heated exchanges, talks continued, and COP29 President Mukhtar Babayev urged delegates to remain engaged. Behind-the-scenes discussions culminated in the final approval of the $300 billion finance goal, but the deal failed to satisfy many in the Global South, who view it as insufficient in light of the urgent need for climate action.
The agreement underscores the persistent divide between developed and developing nations on the issue of climate finance, with the latter continuing to call for more substantial support to help them cope with the devastating effects of climate change. As the world faces increasingly severe climate challenges, the debate over financial commitments remains one of the most contentious aspects of global climate negotiations.
